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    OMV to Invest $680 mn in Tunisia Gas Field Development Project

Summary

Austrian oil and gas firm OMV on Friday said that it will invest 500 million euros ($680 million) for development of Nawara gas field in the North African nation of Tunisia.

by: shardul

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Asia/Oceania

OMV to Invest $680 mn in Tunisia Gas Field Development Project

Austrian oil and gas firm OMV on Friday said that it will invest 500 million euros ($680 million) for development of Nawara gas field in the North African nation of Tunisia.

"OMV and our Tunisian partner ETAP have achieved substantial milestones to implement the Nawara gas field development project. OMV is fully committed to investing in the development of resources in Tunisia to increase production levels and develop the reserves base,” Jaap Huijskes, OMV Executive Board member responsible for Exploration and Production commented.

First production of gas expected in 2016.

The internal final investment decision (FID) for the Nawara project was taken in March 2014 and the project has now received all necessary Government approvals and contracts will be awarded in due course, OMV said in a statement.

The South Tunisian Gas Pipeline project and Nawara project have already been merged.

The project consists of the following elements: production facilities at Nawara well site, pipeline from Nawara to gas treatment plants to produce LPG products and commercial gas.